Medford
Tribune
Pages 1-8
MEDFORD, OREGON, SUNDAY, DECEMBER 7, 1958
Third Section
New Federal Facility Would
Provide More Mortgage Money
By A- ROBERT SMITH
Mail Tribune Wathinglon
Correspondent
Washington (Special)-A
new federal facility to pro
vide a steady flow of mort-
rjmisme?m gage money
iT".. pit or 'heme
I K?' ' reconstruction-
l 'ClZ Oregon lum
it
ber's bigge3t
market will
be proposed to
the new 86th
Congress by
the National
Association of
Home Build
ers. The iaea is to esxaDiisn
Central Mortgage Bank Fa
cility. This agency would buy
up mortgages from commer
cial lending institutions,
thereby putting more money
into the mortgage market
when credit would ordinarily
be tight.
Lumber industry economists
are expecting- a tightening
money situation to slow down
lumber demands during the
early part of 1959. They are
counting on Congress to loos
en the money situation by
passing new housing legisla-
A. Rnbt Smith
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tion or appropriating more
money for existing housing
agencies.
Major Recommendation
The Central Bank was the
major recommendation of the
Home Builder's legislative
policy committee which met
here in November.
"It reflected the deep con
cern of home builders over
the need for stabilizing the
mortgage market and facili
tating investment in home
mortgages. The fact that
money is again becoming in
creasingly more difficult for
home builders to obtain on
reasonable terms lent a note
of urgency to the committee's
deliberations," the Associa
tion reported.
One power which the Cen
tral Bank would have, as the
Association sees it, would be
to adjust rates on FHA and
GI home loans. Congress now
retains the power to increase
the GI rate, but the adminis
tration can change the FHA
rate.
The new bank would as
sume the functions now per
formed by the Federal Na
tional Mortgage association,
which currently buys up
mortgages but has limited
funds with which to do it.
Would Sell Bonds
The Central Bank would
have more money because it
could sell bonds and long
term debentures. Through
this means, the designers of
this agency believe it could
tap the vast funds accumulat
ed in pension programs of
private corporations-
The Home Builders said the
Central Bank should: have the
power to buy mortgages,
which at the outset wouldbe
limited to those backed by
the government; be operated
by an independent board;
function through stock owner
ship rights; have power to re
discount or make interim
loans on the security of FHA
and VA mortgages; and be
able to supplement the opera
tions of private pools of mort
gage funds assembled through
local or regional indentured
trusts or similar plans.
Congress is expected to take
up work on an omnibus hous
ing bill early next year, for
the last session failed to enact
such a measure because of its
unexpected defeat in the
House just before adjourn
ment. Mention Three Items
Sen. Lyndon B. Johnson
(D-Tex.), in the 18-point pro
gram he offered as the Demo
cratic legislative proposals
for the new session, men
tioned three items related to
housing. He repeated his
earlier declaration in favor of
a "bold housing program
which will set as its goal a
home for every American
family."
Johnson also called for a
"courageous - urban renewal
program to bring new health
and vitality to our cities."
And he said "we need to face
up to the high interest rates
which are slowing the needed
growth of our economy."
Telephone Rate
Hearing To Resume
Salem (CPU Procedings in
which Pacific Telephone Com
pany is seeking a statewide
rate increase of $4,850,000
will be resumed by the Public
Utility Commission here next
Monday.
Meyer Comments
On Efficiency
Of Fire Dri
Central Point Charles A.
Meyer, principal of the Cen
tral Point elementary and the
junior high school, comment
ed today on the efficiency of
the school fire drills.
At the beginning of the
school term, the Central Point
City Fire Chief, Don Turner,
assited in working out the
most efficient fire precautions
to be achieved at the school,
and instruction and fire drils
were given repeatedly until
operations are running
smoothly.
Drills continued until the
building could be cleared in
45 seconds. The building has
been cleared in 42 seconds,
Meyer said. Regular fire drills
are held once a month.
The fire chief has said that
fire precautions and drill op
erations are .highly satisfac
tory with the facilities avail
able. The old brick elementary
school building, which was
built in 1908, is the building
which causes the most con
cern, officials said. The boil
er room, however, is attached
to the building with a brick
wall between it and the school
itself.
Meyer reported that there
have been several complaints
recently of children lighting
matches on buses and at t h e
school. Meyer asked for the
cooperation of the parents on
this matter. Children should
not have matches with them
at school or going to or from
school. 1
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The Family Council
Editor's not: The Family Council consists ot a Judge, a psychiatrist,
three clergymen, a newspaper editor, a women's editor and two writers
Each article is a summary of an actual report. The Family Council does
not jive advice; it merely reports on problems that have been dealt
with by responsible agencies' and counselors.
Joseph K. I am 17 and
have been going steady with a
g'rl a year younger for the
past several months. We are
really in love, but we realize
that we won't be ready for
marriage for three or four
years. ' .
I think I'm being fair and
reasonable. My parents ought
to respect my maturity, but
they try to make a fool out
of me. They raise a rumpus
every time I get on the tele
phone.' Dad laughs at my girl
because she wears braces on
her teeth. My kid sister drew
a mustache on my girL's pic
ture and my parents just
laughed. They encourage her
to act up every time I go out.
Things have gotten so bad
that I'm completely disgusted
with my family and I hate
going home. Weren't they
ever in love when they were
young?
Heads Association
Portland-OJPD-Lloyd Lewis,
sheriff of Josephine county,
today was named president
of the Oregon Sheriffs Asso
ciation succeeding Sheriff
John t Elfering of Malheur
county.
Mrs. F. K. Joe has been
simply impossible during the
past few months. He flares
up at the least word that is
said to him and has talked
back to me and his father. He
smacks his kid sister some
thing he never did before.
The worst of it has been
the telephone conversations.
He ties up the telephone by
the hour, cooing little noth
ings to his girl. None of us
gets a chance at the telephone
unless he is out on a date.
We realize that Joe is a
high school senior already,
but in many ways he is very
young for his age and this
puppy love is just ridiculous.
Joe is so irresponsible that he
would never get to school on
time if I didn't keep after him
every minute, handing him his
clothes and books. - ,
.
The Council: The F.K.'s are
confusing too many issues and
are not giving Joe an even
chance to show emotionally
and to develop a normal ad
ult sense of responsibility.
Joe has a right to get re
spect for his very natural
feelings. It is unfair to tease
him for these feelings and
use them as a springboard to
needle him for other things.
Instinctively Joe realizes
that he has a right to his per
sonal feelings, but he is forced
to fight for them in a child
ish way such as monopo
lizing the telephone.
The F.K.'s have every right
to complain about the tele
phone issue and to insist upon
limited telephone privileges
for him, but it should be
made clear that this has noth
ing to do with his romance.
They should let him know
that he cannot walk all over
their. rights just because he
happens to be wrapped up in
some strong feelings of his
own. If they show respect for
him they will be on much
sounder ground when they
demand respect, and a sense
of responsibility from him.
Teasing adolescents about
their puppy love is not a triv
ial matter. Parents can inflict
some pretty deep scars this
way. Even worse, they often
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force the adolescent to lock
himself up in a shell. He will
not come to his parents with
his problems and they will
not be able to have any in
fluence on him if serious dif
ficulties arise. A great deal
t hitterxt&u in parent-child
relations has often taken root
in teasing about puppy love.
(Copyright 1958, General
Features Corp.)
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